When buying a leasehold property, you own the building but only lease the land from the freeholder (or landlord). This fact can often put some people off but as long as the title and lease are carefully checked your security of ownership is the same as buying a freehold property. Our team of qualified conveyancers can ensure your title and lease is in order to give you the peace of mind and reassurance needed when buying a leasehold property.
How does buying a leasehold property differ to a freehold?
Each lease will contain a fixed number of years which varies from lease to lease. The bigger the number of years, the less likely you are to encounter any problems. However, if you’re mortgaging a property then there has to be a minimum number of years remaining for the lenders to agree that is it acceptable to lend money.
The lease of a leasehold property, such as flats or apartments, will contain all the relevant provisions for the maintenance of common areas and structural parts of the building. It’s important that you are made aware of these terms of the lease and understand which areas are your responsibility to maintain in order to avoid any charges.
You will also, often, be required to pay rent and service charges whilst owning a leasehold property.
How can SAS Daniels help?
At SAS Daniels our team of residential property solicitors and conveyancers can advise you on all aspects of a lease and the responsibilities it will place on you.
We have a wealth of knowledge, having acted for developers and landlords as well as buyers, which allows us to fully understand the terms set out in a lease and explain these to you in plain English, with no legal jargon, so that you can be confident in your understanding of the lease.
When it comes to buying a property and the costs associated, we believe in being fully transparent and will provide you with a quote at the outset to ensure there are no hidden costs at the end of a matter. You can also view examples of our costs here.
Extending your lease:
If you’re looking to re-mortgage or sell a property where the number of years on the lease is not sufficient to satisfy a lender, we can advise you on extending or purchasing your lease.
For advice on buying a leasehold property or extending your lease, please contact our Residential Property team on 0161 475 7676 or get in touch via our contact form.